Iran War Hikes EU’s Oil Import Bill By $11 Billion Per Month
The European Union has been paying $11 billion more to import oil since the Middle East crisis choked crude oil supplies and triggered a global fuel crisis, an analysis by Euronews Business showed on Thursday. The value of the EU’s petroleum imports jumped by 55.8% in the second quarter of 2026, des
Source: OilPrice.com
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DW NOTE
The Strait of Hormuz has been effectively closed since October 28 — two ships passed through on the 25th versus the normal 85 per day. The EU now pays an extra $11 billion per month for oil because it cannot price-fix geography. When you shut a route that handles 21 million barrels a day, the bill comes due whether or not your monetary policy pretends inflation is contained at 3.4%.